MWK correspondent banking: who clears the MWK

Tracing a MWK chain

Each instruction names the institution holding that bank's MWK account. Following those links repeatedly ends at a bank that publishes no onward MWK instruction — the ultimate clearer, with direct access to clearing. That is where the money actually settles before moving inwards to the beneficiary.

Who clears MWK payments?

MWK settles through the local clearing system. Banks without direct access hold a nostro account with a correspondent that has it, so a MWK payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 14 distinct institutions act as MWK correspondents.

How concentrated is MWK clearing?

The three largest MWK correspondents between them serve about 78% of the banks that publish a MWK instruction. Concentration matters because the withdrawal of one correspondent can affect a large number of respondent banks at once.

How do I find a bank's MWK correspondent?

Search the bank's BIC, select MWK, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.